Nearly Half Of Older People Now Cutting Back To Make Ends Meet

Money - Older Man - Calculator - gettyimages

Almost four out of every 10 older people in Ireland are having to make significant financial cutbacks in their standard of living to make ends meet.

That’s the findings of Behaviour and Attitudes research from Spry Finance – the sole provider of lifetime loans in the Irish market.

Of 301 homeowners aged over-60, 32% said they were having to make significant cutbacks to make ends meet, 6% described themselves as ‘stretched’ and having to make very significant cutbacks, and 1% said they were financially ‘stressed’ because they couldn’t make ends meet and were having to cutback on essentials.

Just 17% of respondents said they were ‘very comfortable’ financially and able to afford everything they needed, with 44% stating they were ‘quite comfortable’ and were getting by but making a few minor cutbacks.

The research also found that 30% of over-60s considered themselves either quite or very unprepared for the financial demands of later life, with 70% stating they were quite or well prepared.

The release of the research findings comes as Spry Finance launches a new campaign to raise awareness of its Lifetime Loan equity release product.

The advertising tells the story of Jimmy and Elaine, from when they first lock eyes across a crowded 1970s dance floor, through marriage, children and into later life.

The years have passed but Jimmy and Elaine’s love and sense of adventure still burn bright, and they are excited about what comes next. It ends with the tagline: ‘Because life never gets old’.

Ailish McGlew, Head of Marketing and Communications at Spry Finance, said: “Many people who are over-60 still feel young and are excited living life to the full – but they tend to be poorly served by lenders when it comes to accessing credit or realising value from their assets such as their home, in order to afford the things they want to do.

As a result, we see that one out of every four older people is making significant cutbacks in their standard of living. We don’t think they should have to compromise – be it on essentials or living a greater life in later life – and our new campaign is about providing choice for them.”